In recent times, Indian banking sector is hit by a number of frauds. Two employees of Punjab National Bank colluded with a top diamond merchant and made away with $1.77 billion dollar or about INR 11,300 crores worth of money. It is now expected that the bank is likely to make good on these losses but where will this fresh money come in from?
RBI-the central bank of India on the other hand is choking the country on its high interest rates. The total sum of bad loans in the country are over $140 billion. It doesn’t seem to be affecting anyone but what if this causes another major market collapse. Are you not reminded of the 2008 crash yet?
India is on an economic slow down and all these numbers from the government remain are just a load of crap.
Maybe we’ll see a movie on this scam as the fraudsters sip on their margaritas in the bahamas perhaps. More the reason for the bank sector to power their systems on a blockchain and instead of having strict policies such as know-your-clients (KYC) they need to have KYE (know-your-employees) in place.
Income Tax Department infact has warned in a note seen by Reuters that Indian banks face a risk exposure of $3 billion from bad loans from guarantees given to Nirav Modi and his uncle-top diamond retailers in India. Nirav Modi and his family is untraceable and have run away with this huge sum.
People like Vijay Mallya are scot free even after years of scamming. India has failed to deport him back to face judicial enquiry from UK. He’s literally given the finger to his country of birth as he scammed away from here and continues to live a lavish lifestyle.
Failing Trust in Banks.
News like this has taken away my trust in our favored custodians of our money. If we don’t keep money in the bank, where else do we store our savings carefully? For more people banks are the default place to head to for saving their income.
The same banks however, prevent us to transact our money and invest in areas such as cryptocurrencies. They tend to force our hand into doing things as they want to. This world needs a revolution in terms of banking. These banking fraudsters have made away with billions of dollars of income earned by the poor across the world with no repercussions.
Even today, common people in far flung areas have no access to banking or credit but these businessmen in India run away with billions of dollars worth of Rupees. I’m no good at predictions but looking at the current situation the day isn’t far when we see another collapse in banking and stock markets come crashing down like it happened 10 years ago.
It’s a shame that the so called government refuses to acknowledge revolutionary changes in monetary systems propelled by cryptocurrencies and blockchain and continues to lead us into the abyss with their haphazard policies and arrogance.
You can read here about the biggest scam in Indian banking history. So much for Aadhar, KYC and a whole lot of other bullshit that we have to undergo to access basic banking needs while corporates continue taking us for a ride!
Perfect ad by Nirav Modi. 😂🤣 #PNBScam pic.twitter.com/SeB2Q4syYJ
Akshay Jain (@AkshayKatariyaa) February 15, 2018
Keep money in the bank - Nirav Modi will take it.
Put money in cricket - Lalit Modi will take it.
Keep money at home Narendra Modi will take it.
What to do?
What do you feel about the latest scam? Is something similar happening in your country dear readers?
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These kind of frauds happen everywhere.
Sometimes it is done by the employes of the bank and sometimes banks do that intentially to file the bankcrupcy or anything like that.
But the more we become digital and adopt technology, I am sure these kind of incidents will decrease.
Just add another name to this meme,it's Vikram Kothari (Rotomac company owner)😉😂
Paper money is the biggest fraud in human history...You just had to fundamentally trust the institution printing the paper money that it could somehow back up the value...Now RBI have 2 options, either issue the order to print more money on cost of inflation or run another demonetization campaign again to bring the poor man's money into the banking system.
hate banks
totally !!
Ah the death throws of paper money. As an aside to India, Africa has one of the highest use cases of internet over phones (laptops being too expensive).
Any crypto that's stable enough to be paid in and has a good android wallet is going to see mass adoption. Most local guys I worked with on mine sites have big issues with theft after pay days.
Or pay premiums to have someone drive it into town for them. Most of them get robbed that way to when the courier never comes back to the village.
People say crypto will change banking forever. They have no idea when it comes to places like Africa. Its going to be huge.
America is not far behind with this tax cut from Trump.
People are unable to procure one meal a day and whats happening with the money is really shameful.
No wonder most people these days prefer to keep their money themselves especially when. The money is much. We have seem people over here stack money in their houses and cars just in a bid to avoid the bank. The bank can't be trusted any more with our money......Who do we run to for help?
I hate putting my money in the bank! They charge ridiculous fees. Cant wait till crypto takes over and we wont neex them anymore!
Banksters are fraudsters.
what are the interest rates in India?
Banks will have to take the load. And the question is where they will get the money from. Obviously from the government. Government will give one more bailout package to PNB under the Indradanush scheme as these banks are "TooBigToFail"
RIP accountability and integrity!
Very true where fiat and the trust associated with it is going. It is clear that fiat currencies will be in trouble the closer it gets to the uncertainty that crypto has. I doubt it would go that far, but the downward trends could be evident and push more to go over the fence when they were sitting on the fence before. Great for Crypto. Incidents like these can help make Crypto adoption spread more quickly.
Followed, Upvoted and Resteemed by @cryptoryno33
Your right @firepower.. the government is refusing to acknowledge revolutionary changes in monetary systems propelled by cryptocurrencies which are the safest ways to keep money. $3 billion from bad loans is a massive amount, this amount only can finance lots of budgets of countries here in Africa, this is so absurd. Not only India is hit by fraudsters but many more other countries like here in Uganda.. Where currently a case has been filed by Bank of Uganda against Crane Bank which is believed to have been involved in some bit of fraud like dodging taxes and fodging receipts of ghost accounts, this as a result led to the closure of one of the longest serving banks in the country. And now we saw lots of users' accounts affected in the process.
The government should find a way of working on cryptocurrency policies to regulate it better other than fight it. The poor person is the most affected when banks misfire with their system, all the savings earned through hard work are put to waste when banks are the victims of an attack.
This is a great article and sad at the same time. This picture is spot on an indictment on those parasites who think there unseen.
Thank you, with over a billion in population why not skim a little they will never know, and if they do what can they do about it while where sipping our margaritas.
This epidemic in not just limited to india
The people have made the system corrupt. There is nothing wrong with the system in place. That is the world we live in
Very nice post
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This is happening almost I every country now.
Financial crimes oN the increase
yes same things happening in my country
1.7billion usd alot of money for any bank Indian banl to just settle, am thinking people are again having trust issues with it. Are literally running away. Money embezzlement is common too on african countries.
In india am told it's also very high.
Anyways a slow solution may be effective.
What a danger this time. It could bankrupt the bank and impact the loss of customer funds. Previously in Indonesia also had that incident during the monetary crisis of 1998. Banks such as robbed owners and customers who lose. Hopefully the Indian economy has no impact, because it can happen and the impact of market impacts can be felt in the region to Indonesia
The same thing happens virtually everywhere, only God knows what the anti graft agency are doing about this...
Thanks for the post. I'm sorry for the Indians.. There is same situation in Turkey.
i like your postibgan
Banks never lose, even in economies of Hiperinfanción, the banking system is obsolete and they are the main enemies of the cryptocurries because they do not want people to leave the bank aside.
Yesterday morning I.e. sunday morning my dad was seeing the news about Nirav Modi.
Nirav Modi used to deal a life style like a royal king he spended around 100 crores in a party fews years ago in Jodhpur palace. And he and his uncle used to hire the popular celebs of bollywood as their brand ambassador. That was their business policy Priyanka chopra siddhart malhotra worked for Nirav Modi's brand .....He and his uncle made a huge loss of the indian economy no doubt
Very good, i like it
This is so sad. Injustice and being sentimental is causing a lot of havoc and it is the order of the day. It is normal to lose trust in the banks that will charge you high interest rate, not even support your investment plans in cryptocurency, and still have looters go scot free. Where will the new injection come from? Is the money people save, safe? Why are they blind to the great future cryptocurency brings? Questions only them can answer albeit in deceit. We all hope they receive some level of sense.
I've been in the bank and heard about many frauds of different kinds. One thing is certain, by collusion of employees, no bank is secure.
In such circumstances, a common businessman who use bank's services for his businesses, he is compelled to transact through business. Though cryptocurrency is another decentralized platform, but it's very rare and I'm sure more than 90% wouldn't have any idea about it.
Accept or deny, we've to deal in this system until any revolution happen.
And this is why we need crypto!
The banks are the biggest scammers ever! So glad that cryptocurrencies keep on getting bigger.
The impact of the PNB fraud will extend to counter parties (lenders), hit their asset qualities and increase provisions for bad loans. Though it will certainly have an impact on economy but how much only time will tell..
Banks are the biggest mobsters. It is much safer to keep money in the glass jar than in the bank.
Another scam came to surface of Rotomac company power comprising of atleast ₹500 core.
And if we go through banks NPA it's almost ₹7.5 lac crores. Is that mean India is gonna face similar situation what West did in 2008?
With evading businessman from India gives me that intimations.
India is an experiment to take people’s rights to cash... slowly implementing a cashless society to know exactly how people are spending their money. If successful, many other countries will follow. Frauds in India are rampant.... the biggest crooks are the banks ... the governments are their accomplices, that’s the reason for non prosecution.
I hate banks but love money 👍⚡♨️
Great post just followed you 👍
I'm Indonesia
This is one of the reason people starting to believe in cryptos even it is not "regulated" by the government.
They call bitcoin a scam, a ponzi scheme but then they themselves commits millions worth of scam and fraud every now and then. Politicians are all hand in glow in these cases. Chai pani to mila hi hoga inko.
Haha perfect 🤣 nothing we can do against our stupid government .
This is one of the reason why bitcoin increase popularity
Will greedy guys like you keep posting shit?
OMG, Yes!!! Such a great post!! The Banks are corrupt and only out for themselves!! Cryptocurrency is going flip the world as we know it upside down!😎
If (or when) the market crash happens, we early adopters of crypto-currency will have an upper hand!
PS: Looks like the cartoonist's website has been misspelled?
No dought they will $$$$ !!
demonetisation was a ploy to pump the nations money into banks reeling under losses incurred by bad debts.
It was the most blatant looting of people's money by organised mafia called government ! I said this long ago. The scams are only proving the truth of the situation. Mallya and Modi are safe. We the people of india are not safe !! Scary !! ... Great post, @firepower